Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Developing a commercial property with retail space on the first floor, and office space on the second floor Entity Name: Westfields of Newark Development Co., LLC. Entity Address: 500 Avenue P, Newark, NJ 07105 Sale Amount: $31,562.76 Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other: _________ Assessed Amount: $282,800.00 Appraised Amount: Not provided Contract Period: Commenced within (3) months and be completed within 18 months from the transfer of ownership Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ (X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a List of Property: Address/Block/Lot/Ward 213-217 Irvine Turner Blvd./2567/31, 32, 33/Central Ward Additional Information: N/A Invitation: Economic & Housing Development Director, August 2, 2011